Solana (SOL) Prepares for Further Downside: Expert Analysis 🔍
After failing to reach the $155 mark, Solana’s technical indicators suggest that the DeFi asset might be gearing up for more downside. Let’s dive into expert analysis to understand where Solana might be heading next.
Expert Analysis and Prediction 📉
- Crypto trading expert, Alan Santana, indicates bearish potential for Solana.
- Solana is flashing signs of a possible drop below the crucial $100 support level.
- An ‘ABC’ correction pattern is identified in Solana’s chart, hinting at further downside movement.
The ‘ABC’ Correction Pattern Explained
- Part A: Chart moves higher and then drops.
- Part B: Rebound makes a lower high.
- Part C: Continues to make a lower low, possibly holding the first low.
- Santana predicts Solana could drop below $100, potentially revisiting the $80 level from January 2024.
- The price range indicated for Solana’s possible decline is between $80 to $100.
Further Downside Signals 📉
The analysis highlights a significant decrease in trading volume, signaling potential further downside for Solana. The token might experience a notable drop, losing the $100 support and potentially reaching as low as $80, representing a substantial decline from its current price.
Solana’s recent price correction aligns with market sentiment, although the token has previously rallied against market trends due to meme coin activity. SOL is currently trading in the red, despite reports of Solana-based meme coins outperforming Ethereum-based counterparts by 800% in the first half of 2024.
If SOL drops below $100, it could present an opportunity for investors who missed the recent rally to enter the market. This coincides with hype surrounding a possible ETF for Solana.
Key Zones to Monitor 📊
With Solana valued at $143 and facing the $150 resistance zone, attention is on the short-term price movements. The $140 support level is crucial to watch, as a break below could lead to further losses. Conversely, reclaiming the $145 resistance zone might be possible if the overall market records an upside.
Hot Take: What’s Next for Solana? 🚀
As Solana continues to show signs of further downside, it’s essential for investors to stay vigilant and monitor key support and resistance levels. The expert analysis points towards a potential drop below $100, indicating a challenging period ahead for Solana. Keep a close eye on how the market evolves in the coming days to make informed decisions regarding your Solana investments.
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